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<ul><li>Chicago based trading company Jump Crypto made $1.28B profit before Terra Crash.</li><li>Do Kwon, reportedly diverted funds to a Swiss bank account under his control in May 2022</li></ul><h2 id="header-0">An SEC lawsuit was filed against Do Kwon and Terraform Laboratories. According to it, Kwon received assistance in 2021 from an unidentified trading company in exchange for LUNA tokens, which were highly discounted.</h2><p>This week U.S. regulators took legal action against Terraform Labs. Alongside, Do Kwon was also sued for the dramatic breakdown of terraUSD(UST), stablecoin and related LUNA token. Amidst all the chaos, there was an &#39;Unnamed&#39; trading partner which reported a whopping profit of $1.28 billion. Eventually. Terra&#39;s massive ecosystem of $40 Billion crashed to Zero.</p><h3 id="the-big-question-is-why-is-this-trading-firm-unnamed-and-is-there-any-internal-connection-with-terra-platform">The big question is- Why is this trading firm ‘unnamed’ and is there any internal connection with Terra Platform?</h3><p>A report presented by a research firm said it was a Chicago-based trading firm, named Jump Crypto. The trading company has its fundamentals settled in the finance domain. From conventional finance to becoming a hero in digital assets, it has seen it all.</p><p>Jump Crypto was extensively committed in the Terra ecosystem, constructing a Terra cross-chain bridge and co-leading a $1 billion fund round to seed the Luna Foundation Guard, among other contributions. Kanav Kariya, president of Jump Crypto, was a member of the board of the Luna Foundation Guard, which was responsible for safeguarding Terra&#39;s vast bitcoin reserve. According to the SEC complaint,<a href="https://www.coingabbar.com/en/crypto-currency-news/did-sbf-orchestrate-the-luna-crash-do-kwon-claimed-sbfs-hand-in-the-tragedy" rel="noopener noreferrer nofollow"> Kwon</a> diverted the funds to a Swiss bank account under his control in May 2022 as part of an unsuccessful effort to reestablish UST&#39;s dollar peg.</p><h4>What did ‘Jump Crypto’ actually do?</h4><p><a href="https://www.coingabbar.com/en/crypto-currency-news/sec-affirms-gemini-exchange-custody-service-coinbases-unknown" rel="noopener noreferrer nofollow">The U.S. Securities and Exchange Commission (SEC)</a> filed a complaint against Kwon and Terraform for allegedly defrauding investors by selling securities that had not been registered. The complaint makes mention of an alleged U.S. trading firm that had an exclusive market-making deal with Terraform Labs, the creator of the UST stablecoin.Though the corporation was never implicated in any illegal activity.</p><p>Jump Crypto, according to sources, was the company that managed to get deep discounts on Luna tokens, the assets that underpinned UST. According to the SEC lawsuit, the company only spent $62 million to help keep the price of UST near $1 in May 2021, but made $1.28 billion by selling off tokens it had obtained at a discount from Terraform Labs.</p><p><strong>Also read- <a href="https://www.coingabbar.com/en/crypto-currency-news/sec-we-love-crypto-more-than-satoshi-and-vitalik-combined" rel="noopener noreferrer nofollow">SEC: We Love Crypto More than Satoshi and Vitalik Combined</a></strong></p>

Is it ‘Jump Crypto’ which made $1.28B from drowning Terra Ecosystem?

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